Shares of AutoZone (AZO) slipped Tuesday after the auto parts retailer reported gross margins declined in its fiscal third quarter.

The Memphis, Tenn.-based company posted earnings per share of $35.36 on net sales of $4.46 billion. Analysts polled by Visible Alpha had expected $36.89 and $4.41 billion, respectively. 澳洲幸运5官方开奖结果体彩网:Same-store sales of 3.2% and constant-currency same-store sales of 5.4% easily topped estimates.

However, 澳洲幸运5官方开奖结果体彩网:gross margins fell by 77 澳洲幸运5官方开奖结果体彩网:basis points to 52.7%. "While our gross margins were pressured this quarter, we believe we will drive improvement as our new distribution centers ramp up and we continue to drive higher merchandise margins," CEO Phil Daniele said.

Last week, Bank of America Securities 澳洲幸运5官方开奖结果体彩网:upgraded AutoZone's stock to "buy" from "neutral," saying the firm 🍬might benefit if consumers looked to save by fixing their cars instead of buying new ones.

Shares were down about 2% in early trading after the opening bell. They entered Tuesday up roughly 20% this year.